Full Press Release Details
UFP Technologies Announces Record
Mass., August 3, 2010. UFP Technologies,
Inc. (Nasdaq: UFPT), a manufacturer of packaging and component products, today
reported net income of $2.3 million or $0.34 per diluted common share
outstanding for its second quarter ended June 30, 2010, compared to $566,000 or
$0.09 per diluted common share outstanding for the same period in 2009. Sales for the quarter were a record $30.0
million or 43% higher than 2009 second quarter sales of 21.0 million. For the six-month period ended June 30, 2010,
the Company reported net income of $3.8 million or $0.57 per diluted common
share outstanding, compared to $911,000 or $0.15 per diluted common share
outstanding in the same 2009 period.
Sales for the six-month period ended June 30, 2010, were
$58.7 million or 38% higher then sales of $42.6 million for the same 2009
am very pleased with our continuing progress, said R. Jeffrey Bailly, Chairman
& CEO of UFP Technologies. Our
dramatic increase in profitability is a testament to our strategy and our team s
ability to execute it.
Q2 revenue growth was driven primarily by our three 2009 acquisitions, which
accounted for slightly more than half of our sales increase. The rest was
organic growth driven by strength in our medical, automotive, and industrial
markets, Bailly continued. This added revenue, overlaid on our streamlined
organization, yielded the substantial earnings increase. Bailly added that a
growing cash balance, currently in excess of $19 million, puts the Company in
excellent position to pursue additional strategic growth opportunities.
Technologies is a leading designer and manufacturer of interior protective
packaging and component product solutions using molded and fabricated foams,
plastics, laminated composites, and natural fiber materials. The Company primarily serves the medical,
automotive, computers and electronics, aerospace and defense, consumer, and
This news release contains forward-looking
information that involves risks and uncertainties, including statements about
the Company s prospects, anticipated advantages the Company expects to realize
from its acquisition strategies, its participation in multiple markets, and the
Company s growth potential and strategies for growth. Investors are cautioned that such
forward-looking statements involve risks and uncertainties, including without
limitation risks associated with the identification of suitable acquisition
candidates and the successful, efficient execution of acquisition transactions
and integration of any such acquisition candidates, as well as other risks and
uncertainties that are detailed in the documents filed by the Company with the
SEC. Accordingly, actual results may
differ materially. Readers are referred
to the documents filed by the Company with the SEC, specifically the last
reports on Forms 10-K and 10-Q. The
forward-looking statements contained herein speak only of the Company s
expectations as of the date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
such statement to reflect any change in the Company s expectations or any
change in events, conditions, or circumstances on which any such statement is
Consolidated Condensed Statements of Income
($ in thousands, except Per Share Data)
| Unaudited | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| 30-Jun-10 | 30-Jun-09 | 30-Jun-10 | 30-Jun-09 | ||||||||||
| Net sales | $ | 29,957 | $ | 20,959 | $ | 58,658 | $ | 42,567 | |||||
| Cost of sales | 20,911 | 15,588 | 42,154 | 32,253 | |||||||||
| Gross profit | 9,046 | 5,371 | 16,504 | 10,314 | |||||||||
| SG&A | 5,387 | 4,416 | 10,399 | 8,807 | |||||||||
| Operating income | 3,659 | 955 | 6,105 | 1,507 | |||||||||
| Gain on acquisitions | 81 | ||||||||||||
| Interest expense, other income & expenses | (22 | ) | (54 | ) | (58 | ) | (132 | ) | |||||
| Income before income taxes | 3,637 | 901 | 6,047 | 1,456 | |||||||||
| Income taxes | 1,339 | 319 | 2,227 | 513 | |||||||||
| Net income from consolidated operations | 2,298 | 582 | 3,820 | 943 | |||||||||
| Net income attributable to noncontrolling interests | (16 | ) | (16 | ) | (27 | ) | (32 | ) | |||||
| Net income attributable to UFP Technologies, Inc. | $ | 2,282 | $ | 566 | $ | 3,793 | $ | 911 | |||||
| Weighted average shares outstanding | 6,138 | 5,787 | 6,068 | 5,750 | |||||||||
| Weighted average diluted shares outstanding | 6,725 | 6,191 | 6,691 | 6,175 | |||||||||
| Per Share Data | |||||||||||||
| Net income per share outstanding | $ | 0.37 | $ | 0.10 | $ | 0.63 | $ | 0.16 | |||||
| Net income per diluted share outstanding | $ | 0.34 | $ | 0.09 | $ | 0.57 | $ | 0.15 |
Consolidated Condensed Balance Sheets
| 30-Jun-10 | 31-Dec-09 | ||||||
| (unaudited) | |||||||
| Assets: | |||||||
| Cash | $ | 19,240 | $ | 14,999 | |||
| Receivables | 14,340 | 14,218 | |||||
| Inventories | 7,993 | 7,647 | |||||
| Other current assets | 2,186 | 1,887 | |||||
| Net property, plant, and equipment | 11,586 | 12,218 | |||||
| Other assets | 8,388 | 8,483 | |||||
| Total assets | $ | 63,733 | $ | 59,452 | |||
| Liabilities and equity: | |||||||
| Short-term debt | $ | 625 | $ | 623 | |||
| Accounts payable | 5,066 | 4,274 | |||||
| Other current liabilities | 5,030 | 6,153 | |||||
| Long-term debt | 7,189 | 7,502 | |||||
| Other liabilities | 1,950 | 1,895 | |||||
| Total liabilities | 19,860 | 20,447 | |||||
| Total UFP Technologies stockholders equity | 43,481 | 38,535 | |||||
| Noncontrolling interests | 392 | 470 | |||||
| Total liabilities and stockholders equity | $ | 63,733 | $ | 59,452 |